- Bitcoin and Ethereum prices failed to move in response to the US March jobs report.
- US Nonfarm Payrolls showed a decline in job growth, rising 236,000 v. expectation of 240,000.
- Market participants likely priced in the jobs report ahead of time, with Bitcoin’s recent run up to $29,000 and Ethereum’s 2023 high above $1,900.
Bitcoin and Ethereum prices were unmoved in response to US Nonfarm Payrolls (NFP). The US jobs report turned out to be a non-event from crypto market participants. It is likely that the event was “priced in” by traders as both Bitcoin and Ethereum prices rallied close to psychologically relevant price levels over the past week.
Also read: Breaking: US Nonfarm Payrolls rise by 236,000 in March vs. 240,000 expected
Bitcoin and Ethereum ignore US jobs report for March 2023
The US Bureau of Labor Statistics (BLS) dropped its NonFarm Payrolls report earlier today, noting a 236,000 increase in payrolls against the market expectation of 240,000. February’s job report showed an addition of 326,000 in NonFarm Payrolls.
There was a decline in the Unemployment Rate, down to 3.5%, and Average Hourly Earnings nosedived to 4.2%.
In response to the report, Bitcoin and Ethereum remained unmoved. It's important to note that the release of the report ahead of the Easter holiday could be one of the reasons why zero-to-low volatility was noted in crypto prices.
Did Bitcoin and Ethereum traders price in the US jobs report?
It is somewhat likely that the anticipation surrounding the US jobs report, with expectations for a mixed report that have been confirmed, helped drive Bitcoin and Ethereum prices to key levels over the past week. Bitcoin price had climbed to $29,000, close to the psychological barrier at $30,000, and Ethereum hit a new 2023 high, crossing above $1,900.
ETH/USD and BTC/USD 4-hour price charts
The recent spike in Bitcoin and Ethereum prices, prior to their pullback supports, raised the likelihood of the event being “priced in” by market participants.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.